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A true diamond will neither dissolve nor burn.A real diamond will not be destroyed by either water or fire.A real diamond will stand up to anything.A true diamond will withstand any challenge. An authentic man remains true.

Each of your translations is fair and captures a slightly (or highly) different shade of meaning. Any one of these translations could be helped by a picture of the Buddha next to it, since that is a quality which many English speakers wouldn't recognize unless it was pointed out. The diamond in question may simply refer to "character" or "sincerity" without reference to Dharma, but that separation is not natural to the Thai perspective.

For ไหล a more precise translation might be "water doesn't wash it away"? But dissolve is more succinct and give the same meaning.